Shares of Adani Energy Solutions Ltd (AESL) slipped from a day high on 1 January after the Tamil Nadu state government scraped a global tender floated to procure smart meters due to high-cost quotes by the AESL.

The tenders were issued in August 2023 as part of four separate packages to supply smart meters under the central government’s revamped distribution sector scheme.

The company had emerged as the lowest bidder for package 1 of the tender, covering eight districts, including Chennai. It had to install over 8.2 million smart meters. 

Additionally, the proposed package, valued at Rs 19,000 crore and funded by the Centre under the Revamped Distribution Sector Scheme, aimed to deploy smart meters across all electricity connections in the state, excluding agricultural connections.

However, all four tenders issued in August 2023 have reportedly been cancelled due to ‘administrative reasons.’ Reports suggest the government intends to reissue the tenders in the near future.

At 3:30 pm, the shares of Adani Energy closed 0.14% lower at Rs 805.25 on NSE.

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